China’s July official manufacturing purchasing managers’ index (PMI) was lower than forecast. The official manufacturing PMI stood at 49 in July, down from 50.2 in June, as per the National Bureau of Statistics (NBS).
Base metals gained last week as a sign of recovery but the recent PMI announcement raised concerns in the market.
Base metals market performance – 29 July
- MCX aluminium down 1.8% , copper down 0.5%, zinc increased 1.2%, lead down 0.1%.
- LME copper added 2.4%, aluminium gained 0.71%, lead rose 1.52%, and zinc jumped 3.95%.
- SHFE copper added 1.81%, aluminium lost 0.29%, lead rose 0.36%, and zinc jumped 1.52%.
- LME stocks of all base metals slipped for the day.
Oil prices drop
Brent oil futures dropped 0.3% to $103.71 per barrel and US WTI crude oil prices were at $97.84 per barrel, after dropping 0.8% at the time of reporting. Oil prices dropped due to the upcoming OPEC+ group which includes the Russia meeting on 3 August, which will decide September output.
Currency exchange
The Indian rupee opened at 79.14 against the US dollar in the morning trade. The US dollar index hovered at around $105.52 at the time of reporting.
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